Ultrapar (UGPA3) Q1 2026 earnings summary

Executive summary

• Net revenue reached R$36.8 billion in 1Q26, up 10% year-over-year, driven by Ipiranga's higher sales and the consolidation of Hidrovias do Brasil.

• Adjusted EBITDA nearly doubled to R$2.3 billion (+96% vs 1Q25), with strong contributions from Ipiranga and Hidrovias.

• Net income rose to R$914 million, a 152% increase over 1Q25, reflecting improved operating results and lower financial expenses.

• Operating cash generation was R$1.1 billion, supported by robust business performance and supplier draft discounts.

• Investments totaled R$558 million, focused on network expansion, technology, and sustainability initiatives.

Financial highlights

• Gross profit increased 48% year-over-year to R$3.2 billion, with a gross margin of 8.6%.

• Recurring Adjusted EBITDA margin reached 6.3%, up from 3.5% in 1Q25.

• Net debt stood at R$12.3 billion, with leverage at 1.5x Adjusted LTM EBITDA, down from 1.7x in 4Q25.

• Earnings per share at R$0.82, up from R$0.30 in 1Q25.

• Market capitalization reached R$32 billion, with shares up 37% in the quarter.

Outlook and guidance

• Continued focus on growth, productivity, and value creation, with ongoing investments in infrastructure, capacity expansion, and technology.

• Management expects stable leverage, supported by strong cash generation and disciplined capital allocation.

• The company is advancing its sustainability agenda, with new 2030 targets and sector-leading initiatives.